§ 136-B — Approval of superintendent

§ 136-b. Approval of superintendent. The superintendent shall approve\nor disapprove of a proposed merger as authorized by section one hundred\nthirty-six of this article or a proposed acquisition of all or a\nsubstantial part of the assets of a national banking association as\nauthorized by section one hundred thirty-six-a of this article, as the\ncase may be, within one hundred twenty days after the submission of the\nproposed plan thereof to him or her. In determining whether to so\napprove, the superintendent shall take into consideration (i) the\ndeclaration of policy contained in section ten of this chapter, (ii)\nwhether the effect of such merger or acquisition shall be either to\nexpand the size or extent of the resulting or acquiring institution\nbeyond limits consistent with adequate and sound banking and the\npreservation thereof or result in a concentration of assets beyond\nlimits consistent with effective competition, (iii) whether such merger\nor acquisition may result in such a lessening of competition as to be\ninjurious to the interests of the public or tend toward monopoly and\n(iv) primarily, the public interest and the needs and convenience\nthereof. If the superintendent shall approve such proposed merger or\nacquisition, he or she shall file the plan, together with such\ncertificates and the original of the approval of the superintendent, in\nthe office of the superintendent, and, in the case of merger, a\nduplicate of the plan, together with a duplicate of each of such\ncertificates and a duplicate of the superintendent's approval, shall be\nfiled in the office of the clerk of the county in which the principal\noffice of the receiving corporation is located. Upon such filing in the\noffice of the superintendent, the merger or acquisition shall become\neffective, unless a later date is specified in the plan, in which event\nthe merger or acquisition shall become effective upon such later date.\n